The watchdog has ordered the bank to pay more than $100 million to customers

Bank of America is accused of double-dipping on $35 insufficient funds fees

The bank also allegedly withheld credit card rewards and opened fake accounts 

Bank of America has been ordered to pay $250 million for illegally charging junk fees, withholding credit card rewards and opening fake accounts. 

The Consumer Financial Protection Bureau (CFPB) accused the bank of harming hundreds of thousands of customers by systematically double-dipping on fees for account holders with insufficient funds.

Customers are in line for a $100 million refund - while the bank will be forced to pay $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency (OCC).